20
Jan 2020

Smoke and mirrors out at CuDeco

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KAP Federal Member for Kennedy, Bob Katter, has been shocked by allegations of illegal dealings at the now defunct CuDeco Rocklands Mine, near Cloncurry, North West Queensland.

Mr Katter said, “We have requested a forensic inquiry into CuDeco, which is owned by a Chinese corporation. There are allegations which need to be investigated.

“Whilst there may be limited reserves of copper, there are allegations that very extensive and good grade cobalt was sold undeclared and hidden by non-disclosure pressure, within and outside of the company.”

Allegations from numerous sources have been reported to Mr Katter’s office that range in severity and relate to tax, environmental, and resource management.
Cobalt has been found in the North West Mineral Province in 2019 and was announced by the State Government in a media release.*

While CuDeco did look at a partnership with Cobalt Blue Holdings to commercialise the cobalt in September 2018 it didn’t go ahead and they went into receivership in July 2019.

“Many of the workforce of almost 200 with outstanding wages have been owed for six months to, in some cases, nearly two years.”

Mr Katter has been fighting for a fair go for the unpaid staff, out of pocket local businesses and devastated shareholders who, collectively, have lost more than 60 million dollars. 

“We are calling for a forensic investigation and hope for once ASIC will make an effort to be a real watch dog instead of what they are universally recognised as, a lap dog.

“We have asked Minister Porter and Minister Frydenberg to provide feedback on my request within one week.”

* http://statements.qld.gov.au/Statement/2019/11/19/new-investment-will-further-open-north-west-minerals-province

—ENDS—

Contact Details

Innisfail
P: (07) 4061 6066
F: (07) 4061 6566
Visit: Cnr Edith and Owen St
Post: PO Box 1638
Innisfail, Qld 4860

Mount Isa
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F: (07) 4743 0189
Visit: 42-44 Simpson St
Post: PO Box 2130
Mount Isa, Qld 4825

Canberra
(when Parliament is sitting)
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Email: Bob.Katter.MP@aph.gov.au